Metro Brands IPO update on second day of bidding

13 December 2021, Mumbai:

Metro Brands IPO UPDATE|

"At the upper price band, the stock is valued at a price/sales of 16.9x based on FY21 sales (on post-issue equity), which we believe is fully priced," said BP Equities.

The public offering of footwear retailer Metro Brands has been subscribed 37 percent, so far, receiving bids for 70.96 lakh equity shares against an IPO size of 1.91 crores on December 13, the second day of bidding.

Retail investors continue to provide good support to the issue, bidding for 71 percent of shares set aside for them, while the reserved portion of non-institutional investors was subscribed 4 percent.

Qualified institutional buyers portion booked 3 percent. The issue closes on December 14.

On its first day of bidding, December 10, the issue was subscribed 27 percent.